HAMILTON ASSOCIATES: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HAMILTON ASSOCIATES
Largest movements
- Receivables within one year -€4,772
down €4,772 (-39.1%), from €12,209 to €7,437
of which Trade receivables: -€4,804
- Deferred charges and accrued income +€2,047
new in 2025: €2,047
- Cash -€1,766
down €1,766 (-54.1%), from €3,268 to €1,501
mainly Deferred charges and accrued income (-€2,047) and Tax, wage and social debts (-€1,836)
- Tangible fixed assets -€356
down €356 (-40.2%), from €887 to €531
- Tax, wage and social debts -€1,836
down €1,836 (-88.3%), from €2,078 to €242
- Trade debts -€1,472
down €1,472 (-89.9%), from €1,637 to €165
- Other debts -€813
down €813 (-89.2%), from €912 to €99
- Profit (loss) carried forward -€728
down €728 (-10.6%), from -€6,854 to -€7,582
- Gross operating margin -€6,780
down €6,780 (-83.7%), from €8,099 to €1,319
- Taxes -€1,878
down €1,878 (-90.4%), from €2,078 to €199
- Financial charges +€878
up €878 (+550%), from €160 to €1,038
- Depreciation -€316
down €316 (-47.0%), from €673 to €356
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,364 | €11,515 | -€4,848 | -29.6% |
| Fixed assets | 21/28 | €887 | €531 | -€356 | -40.2% |
| Tangible fixed assets | 22/27 | €887 | €531 | -€356 | -40.2% |
| Furniture and vehicles | 24 | €887 | €531 | -€356 | -40.2% |
| Current assets | 29/58 | €15,477 | €10,985 | -€4,492 | -29.0% |
| Amounts receivable within one year | 40/41 | €12,209 | €7,437 | -€4,772 | -39.1% |
| Trade receivables | 40 | €5,773 | €969 | -€4,804 | -83.2% |
| Other amounts receivable | 41 | €6,436 | €6,467 | +€31 | +0.5% |
| Cash at bank and in hand | 54/58 | €3,268 | €1,501 | -€1,766 | -54.1% |
| Deferred charges and accrued income | 490/1 | - | €2,047 | +€2,047 | |
| Total equity and liabilities | 10/49 | €16,364 | €11,515 | -€4,848 | -29.6% |
| Equity | 10/15 | €11,738 | €11,010 | -€728 | -6.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,854 | -€7,582 | -€728 | -10.6% |
| Amounts payable | 17/49 | €4,626 | €505 | -€4,121 | -89.1% |
| Amounts payable within one year | 42/48 | €4,626 | €505 | -€4,121 | -89.1% |
| Trade debts | 44 | €1,637 | €165 | -€1,472 | -89.9% |
| Suppliers | 440/4 | €1,637 | €165 | -€1,472 | -89.9% |
| Taxes, remuneration and social security | 45 | €2,078 | €242 | -€1,836 | -88.3% |
| Taxes | 450/3 | €2,078 | €242 | -€1,836 | -88.3% |
| Other amounts payable | 47/48 | €912 | €99 | -€813 | -89.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €673 | €356 | -€316 | -47.0% |
| Other operating charges | 640/8 | €452 | €459 | +€7 | +1.6% |
| Gross operating margin | 9900 | €8,099 | €1,319 | -€6,780 | -83.7% |
| Operating profit (loss) | 9901 | €6,975 | €504 | -€6,470 | -92.8% |
| Financial income | 75/76B | €0 | €5 | +€5 | +5,789% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +5,789% |
| Financial charges | 65/66B | €160 | €1,038 | +€878 | +550% |
| Recurring financial charges | 65 | €160 | €1,038 | +€878 | +550% |
| Profit (loss) for the period before taxes | 9903 | €6,815 | -€528 | -€7,344 | |
| Income taxes | 67/77 | €2,078 | €199 | -€1,878 | -90.4% |
| Profit (loss) for the period | 9904 | €4,738 | -€728 | -€5,465 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,738 | -€728 | -€5,465 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.